By Bill O'Reilly

Earlier this week we interviewed Congresswoman Michele Bachmann, who says she will not vote to raise the debt ceiling no matter what. "Talking Points" respectfully disagrees with Mrs. Bachmann because if a debt deal is not reached, Americans will suffer greatly.

Now, I know some of you don't believe that, but here's even more evidence. Federal Reserve Chairman Ben Bernanke warned Wednesday that the nation faces a "huge financial calamity" if the debt ceiling is not increased. Also, the Moody's financial analysis ratings agency is threatening to downgrade America's bonds, which are now AAA-rated. That would drastically hurt the U.S. economy.

Once again, all Americans should put ideology aside and urge the politicians to get a compromise done. And here's what it should be:

No. 1: There must be at least $2 trillion in immediate spending cuts agreed upon. That would keep America's debt at around $14 trillion after the dust clears.

In addition, no increase in income taxes, but the government should close many tax loopholes, which would increase revenue and hold the wealthy more accountable because they use the loopholes. Both parties should agree to revise the entire tax code. Let's stop the nonsense. A flat tax would raise far more revenue than we are getting now.

As far as entitlements like Medicare and Social Security are concerned, you can't get reform done now. That will have to wait until after the presidential election.

President Obama and the Democrats must stop the spending madness immediately. The country simply can't afford it any more. On the other side, conservative Tea Party people can't continue to say, "Hey, we don't care what happens to the economy; we are not going to raise the debt limit no matter how many cuts are put in writing."

Look, there are trillions of dollars on the sidelines right now. If the U.S. government can convince people that fiscal responsibility is on the way, some of that money will begin to flow into our economy. We need investment here. We need job expansion. We need confidence in our capitalistic system.

On Thursday, White House spokesman Jay Carney said I was a voice of moderation in the debate:

(BEGIN VIDEO CLIP)

JAY CARNEY, WHITE HOUSE PRESS SECRETARY: There is a growing chorus out here of Republicans and conservatives who acknowledge that we need to do this in a balanced way. I think you interviewed Sen. Simpson, who made that quite clear. I think Bill O'Reilly on Fox News expressed that sentiment last night.

(END VIDEO CLIP)

So now I'm offering to broker the debt compromise. I am ready to answer the call because I'm looking out for you, not some crazed ideology or political party.

And that's "The Memo."

Pinheads & Patriots

Former Secretary of Defense Donald Rumsfeld got what most of us get when he went to the O'Hare Airport in Chicago. He went through airport security, and he was patted down. We don't know if he was X-rayed full body, and we don't want to know.

Now, it's patriotic that all Americans are treated the same in the pat-down situation, but it's absolutely pinheaded that we all have to go through this. There should be an E-Z pass system for Americans who can prove they've been solid citizens for a number of years. Computers can do that. Patting down Mr. Rumsfeld and 2-year-olds is dumb and pinheaded.

— You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.